A Firm's Labor Input, Total Output of Labor, and Product

question 145

Multiple Choice

A firm's labor input, total output of labor, and product price schedules are given in the table. Labor is the only variable input. What is the marginal revenue product of the fifth worker?

• A)$5
• B)$25
• C)$−7
• D)$1

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Definitions:

Culture Shock

The sense of confusion, uncertainty, or anxiety experienced by someone exposed to an unfamiliar culture or way of life.

Compensation

Payment or rewards given to employees in exchange for their services or labor.

Standard Of Living

The degree of wealth, comfort, material goods, and necessities available to a person, group, or nation.

Relocation Expenses

Costs associated with moving and adjusting to a new location when a job requires geographical change, often covered or reimbursed by the employer.